M&S to make £100m cyber claim from Allianz and Beazley May 14, 2025 Marks and Spencer is preparing to claim as much as £100m from its cyber insurance policy, following a major cyber attack that disrupted operations and led to the theft of some customer data. The UK retailer admitted for the first time on Tuesday that personal information, including customer contact details, dates of birth, and online [...]
Imperial Brands CEO to leave FTSE 100 giant as successor named May 14, 2025 The boss of Imperial Brands is to retire after five years at the helm of the business at the London-listed tobacco giant. Stefan Bomhard, who joined the company in July 2020, will step down as CEO in October this year. He will remain on the company’s board until the end of 2025. The German executive, [...]
Co-op: All forms of payment now working after cyber attack May 14, 2025 The Co-op has told its customers that all forms of payments are now working at its stores and online while stock levels should improve by this weekend. The Manchester-headquartered group, which operates almost 2,400 stores around the UK, said it is in “the recovery phase” after suffering a significant cyber attack which caused two weeks [...]
GoDaddy recovers from huge loss as revenue jumps May 14, 2025 The European arm of GoDaddy, the US internet domain registry and web hosting company, has returned to the black after recovering from a loss of almost $70m (£52.6m). The Nottingham-headquartered division has reported a pre-tax profit of $4.2m (£3.15m) for 2024 after having slumped to a loss of $68.2m (51.2m) in 2023. New accounts filed [...]
Burberry plans to cut a fifth of workforce in cost-cutting drive May 14, 2025 Burberry has told investors it plans to cut nearly a fifth of staff in the next two years as it looks for cost savings to aid its significant turnaround plan. The British luxury giant plans to shed 1,700 jobs by 2027, nearly 20 per cent of its 9,300-strong workforce. It said the savings in “people-related [...]
Interactive Investor creates hundreds of jobs as trading booms May 14, 2025 Interactive Investor created almost 200 jobs as its profit increased to almost £90m last year, it has been revealed. The Manchester-headquartered company has posted a pre-tax profit of £89.7m for 2024, up from the £84.2m it achieved in 2023. New accounts filed with Companies House also show that its headcount rose from 726 to 919 [...]
CMA to investigate Aviva’s £3.7bn Direct Line deal May 14, 2025 The UK’s competition watchdog has begun an investigation into insurance giant Aviva’s proposed £3.7bn acquisition of Direct Line. The Competition and Markets Authority said it had commenced its phase one inquiry to establish whether the deal would result in a “realistic prospect of a substantial lessening of competition.” The CMA has invited comment on the [...]
US-based pawnbroker Firstcash to buy H&T May 14, 2025 A US giant has made an offer for the UK’s largest pawnbroker, H&T, taking yet another firm off London’s stock market. The deal, which was the fourth Firstcash made to the UK firm, valued the share capital of H&T at approximately £297m. It represents a premium of approximately 44 per cent to the closing price [...]
Roc Nation boss exclusive: Rugby chiefs need to get comfortable with change May 14, 2025 The president of Jay-Z’s agency Roc Nation Sports Michael Yormark has said rugby’s stakeholders need to get “comfortable being uncomfortable with change” as the sport looks to commercialise after a turbulent period. Yormark, speaking at the group’s inaugural Champions of Marketing event, told City AM that sometimes sports are “so married to history” that they’re [...]
Is Rachel Reeves breaking up with the OBR? May 14, 2025 City AM’s City Editor, Simon Hunt, unpicks the stories that get the Square Mile talking Rachel Reeves will do anything to keep the Office for Budget Responsibility (OBR) on side. Or so we thought. The chancellor made a number of last-minute changes to her Spring Statement to ensure her fiscal headroom stayed on target, including [...]